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let's move on to a our debt and our nation's crisis with the debt ceiling. we default on february 15th. happy valentine's day. doug come -- doug, do you think we will avoid this or have big problems? >> at think the answer is simple. we don't have a fight or a crisis over the debt ceiling. we have a fight in crisis overspending that causes debt. if the spending or cut and there was an agreement but place on the way to rein in explosive and -- entitlement spending and brought the debt under control, no one would even mention the debt ceiling. the key will be to focus on the real problem, which is the debt. acknowledge solution for anyone not living in budgetary fantasyland. make some progress on that. gerri: at think it's budget fantasyland for us. well, the senate has not backed the budget in 1,351 days, gretchen. come on. we are going to -- our debt is going to get downgraded by standard and poor's and moody's and everyone else, and we will have a sell-off of 2,000 points in the stock market, right? >> you're right. on top of not having a budget, we have al
let's move on to a our debt and our nation's crisis with the debt ceiling. we default on february 15th. happy valentine's day. doug come -- doug, do you think we will avoid this or have big problems? >> at think the answer is simple. we don't have a fight or a crisis over the debt ceiling. we have a fight in crisis overspending that causes debt. if the spending or cut and there was an agreement but place on the way to rein in explosive and -- entitlement spending and brought the debt...
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. >> karl rove blows up the republican debt ceiling ruse. americans living in poverty is at an all-time high. senator bernie sanders is here with the outrage on inequality. >>> junior seau's test results may finally push the nfl to address head injuries. we're taking a look into the findings. >>> oscar nominations were released today. but how heavy will politics weigh with the academy? >> they stay here, they will be taken. probably not alive. >> david edelstein gives us the scoop. >>> good to have you with us tonight, folks. thanks for watching. another group of parents received the terrifying news today when a shooting erupted at their children's school. at the exact time vice president joe biden was meeting with groups on solutions to gun violence a gunman opened fire at a high school in bakersfield, california about 120 miles northwest of los angeles. police say a 16-year-old shooter was armed with a shotgun. at least two people were shot, including one student who was in critical condition. there is usually an armed police officer at th
. >> karl rove blows up the republican debt ceiling ruse. americans living in poverty is at an all-time high. senator bernie sanders is here with the outrage on inequality. >>> junior seau's test results may finally push the nfl to address head injuries. we're taking a look into the findings. >>> oscar nominations were released today. but how heavy will politics weigh with the academy? >> they stay here, they will be taken. probably not alive. >> david...
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all i can think about is the debt ceiling debate and we saw 2000 points stripped off without. what you think? >> well, it could be a real problem. the last big one we had was 1995, 1996, that was certainly a disaster for me publican sampling. it is not the right way to do things. it's a stupid way of trying to manage the budget. >> i couldn't agree with you more. the fact is this house of representatives is the last vestige of republicanism as when it comes to power in washington right now. i think their expectations are significantly well beyond the reality is what they can accomplish, or am i wrong? >> the house of representatives has originate all spending cuts. lou: another 4 trillion over the course of the next 10 years. 22 trillion at the end of obama's time in office, we are going to be looking at $26,000 in debt. thank you, mr. obama. >> the basic point is that the american people know that we have to have cutbacks in entitlement programs. lou: let's set aside the european tax rates. [talking over each other] lou: let me ask you this. if you don't think that the republ
all i can think about is the debt ceiling debate and we saw 2000 points stripped off without. what you think? >> well, it could be a real problem. the last big one we had was 1995, 1996, that was certainly a disaster for me publican sampling. it is not the right way to do things. it's a stupid way of trying to manage the budget. >> i couldn't agree with you more. the fact is this house of representatives is the last vestige of republicanism as when it comes to power in washington...
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that means we'll actually hit the debt ceiling there. meaning anybody with any kind of romantic life will notice. >>> and later, meeting with joe biden at the white house, and in the rewrite tonight, why has no one mentioned me to take john kerry's senate seat when he gets confirmed as secretary of state. do i have to do everything myself around here. krystal, do i? >> no, i have been talking about you from day one. >> all right, well, that is going to be in the rewrite. this was the hole my waist was on. but since i've been on alli, am i on this one? nope. am i on this one? no, no, no, no, no. i am on this one. [ male announcer ] for every 2 pounds you lose through diet and exercise alli can help you lose one more by blocking some of the fat you eat. simple. effective. belt-friendly. let's fight fat with alli. learn more, lose more at letsfightfat.com. >>> the greatest governor of all time, i mean the greatest, i don't mean just state, i mean colonial governors, the greatest governor in the history of governors. massachusetts governor d
that means we'll actually hit the debt ceiling there. meaning anybody with any kind of romantic life will notice. >>> and later, meeting with joe biden at the white house, and in the rewrite tonight, why has no one mentioned me to take john kerry's senate seat when he gets confirmed as secretary of state. do i have to do everything myself around here. krystal, do i? >> no, i have been talking about you from day one. >> all right, well, that is going to be in the rewrite....
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next month, congress will be asked again to raise the debt ceiling. most republicans will oppose that acting for definite spending cuts before more borrowing. does the president care? >> the only viable option here is congress to fulfill -- that congress fulfills its responsibility and ensures that the united states of america pays its bills as it has always paid its bills through the its history. >> bill: just shut up and pay. all right? don't be asking for anything, just pay. it's mr. obama's way or the highway. again, he could use an executive order to ignore the debt ceiling and i will not be surprised if he does. so, what we have here is not a failure to communicate as they once said in the movie cool hand lou. but a president who believes he can do what he wants to do with little accountability. he has already signed executive order changing immigration rules. that was done in the middle of the night. few even know about it if this continues there will be a constitutional crisis in america. unfortunately we the people are slow to understand what
next month, congress will be asked again to raise the debt ceiling. most republicans will oppose that acting for definite spending cuts before more borrowing. does the president care? >> the only viable option here is congress to fulfill -- that congress fulfills its responsibility and ensures that the united states of america pays its bills as it has always paid its bills through the its history. >> bill: just shut up and pay. all right? don't be asking for anything, just pay. it's...
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the president's going to have to raise it, and the debt ceiling is not the problem. the problem is the debt and the spending that's driving the debt. and so the number one thing is to avoid, "a," the notion that speaker boehner can trot down to the white house and somehow we can solve the nation's problems or, "b," that we want do this at the 11th hour at all. instead we want our congress and our president to do their job. and i for one believe that in moments like this, presidential leadership is an imperative. but the president doesn't want to put a plan out, and he's shown no appetite for taking on this problem. then the house should pass something, and the senate needs to act. all right, robert. >> they have not had the senate pass anything in years. >> robert, shouldn't the president be the one that comes out with a plan and says this, look, i'm so sick of this petty, stupid, sandbox unpleasantness rather than the word i would prefer to use there, i'm sick of it, and so i'm going to put out, here's my plan. >> yes. erin, the president has put out a plan. hi put
the president's going to have to raise it, and the debt ceiling is not the problem. the problem is the debt and the spending that's driving the debt. and so the number one thing is to avoid, "a," the notion that speaker boehner can trot down to the white house and somehow we can solve the nation's problems or, "b," that we want do this at the 11th hour at all. instead we want our congress and our president to do their job. and i for one believe that in moments like this,...
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obviously with the debt ceiling, the big problem right in front of us, conservatives will say, look, we need to leverage that, because we can't keep the democrats from spending unless we have a really, really powerful tool and the debt ceiling's a very powerful tool. on the other hand, democrats are saying, are you kidding me? that's not the kind of tool you should be using. and we actually do hear conservatives and business leaders saying the same thing as democrats it seems. don't be using that. it's killing us. i'd love to get your perspective on that. >> it's a very dangerous tool. it's one that i hope people only threaten to never use. because if we stop paying our bills, that will have as a country, that will have a massive impact on our economy. and it basically will remove what is the full faith and credit of the united states. this is something that we have as an asset we are basically the world's reserve currency and this can all change if all of a sudden we stop paying our bills. so, you know, it is a very dangerous weapon. and, you know, in many ways you can call it the n
obviously with the debt ceiling, the big problem right in front of us, conservatives will say, look, we need to leverage that, because we can't keep the democrats from spending unless we have a really, really powerful tool and the debt ceiling's a very powerful tool. on the other hand, democrats are saying, are you kidding me? that's not the kind of tool you should be using. and we actually do hear conservatives and business leaders saying the same thing as democrats it seems. don't be using...
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ceiling, but actually the debt. driven by spending, and we see no need i controlling spending anywhere. lou: your organization, the american action forum putting of clear statements about what the likelihood would be of the fiscal clef there's no mystery here. only to use his phrase, only an idiot would be unaware of the import of actually doing something meaningful, sensitive, and lasting when it comes to deficits and debt. >> i could not agree more. you would have to live in a budgetary fantasyland not to understand -- lou: there is the explanation. >> that could be it. in fantasyland having a trillion dollars in additional spending commitments every year as a result of the explosion of the entitlement programs of the next decade. it does not matter, but in the real world it means that we can no longer finance the regular operations of government. we are late and my and -- interest obligations and had to to the next generation an economy that is impaired and the huge bill. there is absolutely no justification for
ceiling, but actually the debt. driven by spending, and we see no need i controlling spending anywhere. lou: your organization, the american action forum putting of clear statements about what the likelihood would be of the fiscal clef there's no mystery here. only to use his phrase, only an idiot would be unaware of the import of actually doing something meaningful, sensitive, and lasting when it comes to deficits and debt. >> i could not agree more. you would have to live in a budgetary...
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cheryl: what about worried about the debt ceiling debate? we are about to go through another round of arguing in washington. what do you think they should do to stimulate and build jobs in this country which we still don't have on a meaningful level? >> just get it done is what they should do. it is not just the debt ceiling. it is the point of live ridge. the issue is how much are we going to cut from federal government spending to get the budget deficit in line with what it needs to be on long-term basis and they are already squabbling over that. the other king is talking about discretionary spending and entitlement represent 60% of overall outlays. we really cannot get to the promised land unless we also addressed the entitlement situation which of course is politically unpopular because politicians, threaten their job security. cheryl: what do you say? should we address retirements? >> fiscal cliff 2.0, some people like talking about it today. we have to be careful. we can't take a stir approach and have across-the-board cuts. we have to
cheryl: what about worried about the debt ceiling debate? we are about to go through another round of arguing in washington. what do you think they should do to stimulate and build jobs in this country which we still don't have on a meaningful level? >> just get it done is what they should do. it is not just the debt ceiling. it is the point of live ridge. the issue is how much are we going to cut from federal government spending to get the budget deficit in line with what it needs to be...
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the whole idea that we're going to have a debt ceiling dispute. what is the debt ceiling? it says that a president of the united states tells the world of investors you can count on us to pay our bills. it's no more, and it's no less. they're going to hold him hostage over an issue like that? it's ridiculous. >> and i made a very oversimplistic analogy that it's like running up a credit card bill and then refusing to pay it. i grant you, there's a lot more parameters around that, but the root of it, it's kind of like that. and, in fact, members of the gop are talking about a partial government shutdown to get what they want in terms of negotiation for the debt ceiling. do you think that's going to happen? >> it could. it could because it's abundantly clear the speaker doesn't have control over the votes. what the president has done and effectively is to outreach to the american people and to tell boehner, don't wait until you have the majority of republicans agreeing on any given issue. let the congress vote. let some of your diehard republicans do what they have to do, ev
the whole idea that we're going to have a debt ceiling dispute. what is the debt ceiling? it says that a president of the united states tells the world of investors you can count on us to pay our bills. it's no more, and it's no less. they're going to hold him hostage over an issue like that? it's ridiculous. >> and i made a very oversimplistic analogy that it's like running up a credit card bill and then refusing to pay it. i grant you, there's a lot more parameters around that, but the...
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if every time you read the debt ceiling and offset that with cuts, if you raise the debt ceiling to get you by for a year, you had trillions of dollars of cuts over 10 years, by the end of the 10 years, you would have to have trillions of dollars over the next century? the math compounds. >> there are cuts on top of cuts that would mean you would not need to read -- raise the debt ceiling anymore. perhaps you could reduce the debt ceiling and increase spending every time you reduce it. i do not know. it is a bizarre scenario. the democrats have said that revenue will be on the table as part of their position. it is not a given that if they do this, all 2 trillion will come from spending cuts. some will come from additional revenue as well. >> is sequestration happens, if congress did not stick with the budget control act, [indiscernible] >> is budget deals do not tend to stick around for long and altered very long. i would not read too much into this. even if they decide to leave it alone this year. in fy-14, this will be debated again. the amounts could change. they could go up or down
if every time you read the debt ceiling and offset that with cuts, if you raise the debt ceiling to get you by for a year, you had trillions of dollars of cuts over 10 years, by the end of the 10 years, you would have to have trillions of dollars over the next century? the math compounds. >> there are cuts on top of cuts that would mean you would not need to read -- raise the debt ceiling anymore. perhaps you could reduce the debt ceiling and increase spending every time you reduce it. i...
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lift the debt ceiling. it will be clear because wall street will make it clear, the banking community will make it clear what the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike
lift the debt ceiling. it will be clear because wall street will make it clear, the banking community will make it clear what the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people...
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ceiling ceiling increases it is the norm. 11 out of the 14 previous debt ceiling increases have legislation to affect the greater deficit with them. so we should recognize that's how it's going to end up. the president should put the legislation he wants on the table and we should go from there. we shouldn't have this silliness that somehow we're going to raise the debt ceiling and ignore the debt. >> brown: but i'm wondering now, you all three watched the economics of our political system and we saw judy's piece looking at a new congress. a lot of people are talking about a broken political system, looking at what just happened. >> it feels broken right now. it feels like we should have a political system that is not up to making difficult choices and solving hard problems. and compromising when it's so much easier to just pull back and start sort of playing the blame game. but this is too important. when we're talking about health care costs or the aging of society these are issues we know are there and we're going to disagree about the way to address them but you can't pretend we don't h
ceiling ceiling increases it is the norm. 11 out of the 14 previous debt ceiling increases have legislation to affect the greater deficit with them. so we should recognize that's how it's going to end up. the president should put the legislation he wants on the table and we should go from there. we shouldn't have this silliness that somehow we're going to raise the debt ceiling and ignore the debt. >> brown: but i'm wondering now, you all three watched the economics of our political...
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up next, will president obama try a political end-around congress on the debt ceiling? humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. which is why at liberty mutual insurance, auto policies come with new car replacement and accident forgiveness if you qualify. see what else comes standard at libertymutual.com. liberty mutual insurance. responsibility. what's your policy? ♪ ♪ we're lucky, it's not every day you find a companion as loyal as a subaru. love. it's what makes a subaru, a subaru. >> bret: 11 people were hurt when a commuteer ferry slammed in a dock in the financial district. it happened at the pier in southern manhattan. 330 passengers and crew were aboard the ferry. around 50 suffered minor injuries. no word yet on police say the ferry crew passed alcohol-breath tests. house democrats throw out the first jab in what is expected to be a political fistfight over the debt ceiling. the president has the authority to circumvent congress and raise the bar rowing limit on its own. -- wor rowing limit on his own. the
up next, will president obama try a political end-around congress on the debt ceiling? humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. which is why at liberty mutual insurance, auto policies come with new car replacement and accident forgiveness if you qualify. see what else comes standard at libertymutual.com. liberty mutual insurance. responsibility. what's your policy? ♪ ♪ we're lucky, it's not every day you find a companion as loyal...
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trillion-dollar coin proposal to solve the debt ceiling issue? farfetched? but maybe the platinum proposal should not be taking people by surprise. >> so the republicans are clearly in a strong position, but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman are suggesting a 1 trillion-dollar platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt ceiling crisis. >> we should have known a coin was obama's solution to everything. it was right there in his slogan. change. [ laughter ] >> bret: so clever. thanks for inviting us into your home tonight. that is it for this "special report." fair balanced and unafraid. it t. is webs so "special report" online starts in 5 seconds. >> this is the fox report. tonight disturbing self-photographs of the movie massacre suspect. disturbing pictures they say they found on his phone. plus a crowded ferry slams into a pier. commuters tossed abou
trillion-dollar coin proposal to solve the debt ceiling issue? farfetched? but maybe the platinum proposal should not be taking people by surprise. >> so the republicans are clearly in a strong position, but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman are suggesting a 1 trillion-dollar platinum coin could be minted and the government could use that to pay...
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things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we have to deal with those issues. >> is that where we're headed? because there's been at least one suggestion by one republican that maybe a government shutdown is just what we need. >> well, i don't know. it didn't work out so well for the gop in 1994. i don't think it's the right thing. i would hope instead of looking forward to government shutdown we would be looking forward to finding a new way to work together in this new year. that's really what the american people are asking for. it's not too much to ask. but it will be intere
things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we...
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debt ceiling. government shutdown. do you believe the debt ceiling should be used as leverage? >> we have three impending moments. the debt ceiling, the continuing resolution to fund the government, and then the sequester spending cuts that have been delayed for 60 days. no one in the republican conference is talking about a default on our sovereign debt. but we do need to use these moments to address the spending explosion that we've seen in the last four years of the obama administration. >> are you saying you want to say debt ceiling, maybe set that aside and focus more on the other two? >> i'm saying the treasury has more than enough tax receipts every month to pay the interest on our sovereign debt. so there's nobody but barack obama who's talking about a default on our sovereign debt. we can prioritize payments on a monthly basis to ensure there's no default. then we can have the hard negotiations necessary to get spending back under control. >> you are saying, hey, don't raise the debt ceiling. make treasury -- >> unless there's real spending cuts, unless there's real st
debt ceiling. government shutdown. do you believe the debt ceiling should be used as leverage? >> we have three impending moments. the debt ceiling, the continuing resolution to fund the government, and then the sequester spending cuts that have been delayed for 60 days. no one in the republican conference is talking about a default on our sovereign debt. but we do need to use these moments to address the spending explosion that we've seen in the last four years of the obama...
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i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew which is exactly the reason i would say he's absolutely not my first choice for the job or the fifth guy in line to be president should anything happen to the other four because i think he's going to have a parental relationship, so to speak, with the budget and its process in trying to change it, and i think that that paternal instinct is going to be defending it versus, you know, actually trying to make a difference. looking at the budget even though we technically haven't had one. we've had continuing resolutions. i think we need someone that will
i've got a problem with the debt ceiling. let me pick a guy who almost all sides agree is one of the foremost experts when it comes to the budget. >> rick, what do you think? jump in here. >> well, you know, carlton college, harvard, '73 and a to tip o'neill, a former lifer bureaucrat here. instead of someone like a jamie dimon, and i think steve is absolutely right. i don't think there's a human being on the planet who knows the current budget and its issues better than jack lew...
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we are talking about the debt ceiling and taking your calls, 1866-55-press. we have a caller on the line all the way from where i was born. welcome to the bill press show. >> eric coburn played nice with these men. he should have been playing mean with these people. >> that's the problem. guns ain't the problem. greed is the problem. greed is the problem in america and until that ends we are going downhill, baby. >> thank you so much joey. i think you are right. greed is indeed the problem. >> it's true. it's totally true. >> greed is the problem here. it has nothing to do with -- it has nothing to do with this whole idea. i hate the argument when republicans say, free market privatization, capitalism solves our problems. the private sector cannot solve all of our problems. to that extent some of the private sector is not that private because the united states did not intervene, aig would not. i think the current tree would have been in a different place by far a worse place. >> i don't know what they are thinking exactly. i don't know what they are trying to
we are talking about the debt ceiling and taking your calls, 1866-55-press. we have a caller on the line all the way from where i was born. welcome to the bill press show. >> eric coburn played nice with these men. he should have been playing mean with these people. >> that's the problem. guns ain't the problem. greed is the problem. greed is the problem in america and until that ends we are going downhill, baby. >> thank you so much joey. i think you are right. greed is...
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they want a fight over the debt ceiling because it's a loser for the republicans. the faith and credit of the united states, are you going to honor your debt and be the first people to default. what they don't want to fight over the continuing resolution and the sequester because that's spending and they don't want to get into a spending fight because they know that every survey shows that three out of four americans believe you can cut government spending and the country does not believe this government is proficient and they don't believe it's as small as it could be. so, the president will do everything he can to keep this fight in the debt ceiling because that's his best fight and they're terrified of getting mired up-- imagine if the congressional republicans said we're going to pass a 30-day continuing resolution in march and in that 30-day resolution we're going to kill the ten dumbest offices in the federal government and you the voters can go to our new website and you can vote for what you think the ten will be and we're going to come back 30 days later t
they want a fight over the debt ceiling because it's a loser for the republicans. the faith and credit of the united states, are you going to honor your debt and be the first people to default. what they don't want to fight over the continuing resolution and the sequester because that's spending and they don't want to get into a spending fight because they know that every survey shows that three out of four americans believe you can cut government spending and the country does not believe this...
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lift the debt ceiling. it will be clear because wall street will make it clear, the banking community will make it clear what the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike
lift the debt ceiling. it will be clear because wall street will make it clear, the banking community will make it clear what the ramifications are to americans by not lifting the debt ceiling. and you're right, mike, all this is about, as the president said, is paying for the bills that congress has already voted to fund. and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people...
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how much concern do have you about a fight over the debt ceiling? >> i think the debt ceiling is a dangerous thing to fight over. it did not go well in 2011. i hope we get a better and smoother resolution this time than we did that time. >> do you think that -- do you want congress and washington right now to be cutting spending? is that something that concerns you right now? >> well, i'm a monetary policy guy, so it is not up to me to recommend on this. but i do think that if you could set -- you know, get rid of the longer medium term and longer run on certainty about the u.s. fiscal outlook, i think it is a tremendous help for the u.s. economy. you only have so many dollars to spend. decide how you want it raise the money. >> easy for to you say, have you a lot of dollars to spend. you get to print them. >> indeed we do. >> thanks for joining us today. >> thanks for having me. >> jim bullard st. louis fed president. tyler, back to you. >> we print them, we print the money. jonathan, good to see you. kelly, let's get your reaction. i guess the rea
how much concern do have you about a fight over the debt ceiling? >> i think the debt ceiling is a dangerous thing to fight over. it did not go well in 2011. i hope we get a better and smoother resolution this time than we did that time. >> do you think that -- do you want congress and washington right now to be cutting spending? is that something that concerns you right now? >> well, i'm a monetary policy guy, so it is not up to me to recommend on this. but i do think that if...
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Jan 12, 2013
01/13
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the constitution allows him to raise the debt ceiling on his own, again, congress be damned. add it up, i'm telling you, barack obama is doubling down. and here's the kicker. with plenty of compliant democrats in congress to help. but those democrats might regret what they're aiding and abetting, because they're the ones who'll be fumbling and fuming. when nancy pelosi pushes the 14th amendment to give the power to bypass congress, she is giving him the power to bypass her too. you don't need a trillion dollar magic coin to realize this is nothing less than a high stakes power grab. now, it's not unusual for presidents of either party to try. it is very unusual for so many in both parts to lay down and let him do it. all right, here to hash it out, constitutional expert ilya shapiro and sabrina schafer as well as "the wall street journal"'s steve moore. steve, a disturbing series of events, to put it mildly. >> no question about it, neil. and, look, we have a three-branch system of government in washington. the president is the chief of the executive branch, that means the pr
the constitution allows him to raise the debt ceiling on his own, again, congress be damned. add it up, i'm telling you, barack obama is doubling down. and here's the kicker. with plenty of compliant democrats in congress to help. but those democrats might regret what they're aiding and abetting, because they're the ones who'll be fumbling and fuming. when nancy pelosi pushes the 14th amendment to give the power to bypass congress, she is giving him the power to bypass her too. you don't need a...
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Jan 4, 2013
01/13
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we are at the point where the debt ceiling need to be raised. what we did the last time this came up was replaced the budget control act and said that for any $1 increase in the debt limit, we've got to have a $1 deduction in spending, because we've got to get our fiscal house in order. that's what we are talking about as we go into the debt ceiling discussion. any agreement, we have to have real reduction so we get the deficit under control so we don't continue to increase the debt the debt reduced over time. host: our guest john hoven is former president and ceo of the bank of north dakota and a graduate of dartmouth and went to northwestern university. on facebook -- guest: i think, again, we've got to get to the point where we are moving the legislation across the floor in a clear, open, transparent manner where it is debated, the public is aware of what is getting funded and what is not getting funded, so there is broad public support for things that have merit and they are funded. and the things that are not, in that debate back and forth,
we are at the point where the debt ceiling need to be raised. what we did the last time this came up was replaced the budget control act and said that for any $1 increase in the debt limit, we've got to have a $1 deduction in spending, because we've got to get our fiscal house in order. that's what we are talking about as we go into the debt ceiling discussion. any agreement, we have to have real reduction so we get the deficit under control so we don't continue to increase the debt the debt...
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Jan 9, 2013
01/13
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still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure jack lew is the man? >> because he is a budget guy. he has seen it is in surplus and deficits. there is no surprise that timothy geithner, the last remaining holdout of the original circle of economic experts is happy to be moving on to the next thing. he has been serving through a lot of crisis after crisis. and now jack lew does not have time to measure for drapes at the treasury department. he is going to have to get right down to business negotiating a very tough debt ceiling deal. one of the things that you hear on wall street is that he will be easily confirmed why he is a safe choice by the president. some folks on wall street, republicans mostly, saying they are slightly concerned that he doesn't have more financial market experience and more business experience. he is a budget guy. we live in an era of budget wars so that is a plus. >> what does he bring that geithner doesn't or does he? >> geithner knew the bankers and knew wall street and how
still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure jack lew is the man? >> because he is a budget guy. he has seen it is in surplus and deficits. there is no surprise that timothy geithner, the last remaining holdout of the original circle of economic experts is happy to be moving on to the next thing. he has been serving through a lot of crisis after crisis. and now jack lew does not have time to measure for drapes at the treasury department. he is...
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Jan 5, 2013
01/13
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that of course takes raising the nation's debt ceiling. here is the president in his weekly internet address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic, last time congress threatened this course of action our entire economy suffered for it and our families businesses cannot afford that dangerous game again. >> jamie: that argument isn't sitting well with some members of the g.o.p. who say the real danger would be allowing the country to take on more debt than it can michigan congressman dave camp delivered the republican message. >> many of our democratic colleagues don't seem to get it. throughout the fiscal cliff discussion, the democrats and president who control washington repeatedly refused to take am i meaningful steps to make washington live within its means. that position is irres
that of course takes raising the nation's debt ceiling. here is the president in his weekly internet address. >> as i said earlier this week, one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic, last time congress threatened this course of action our entire economy suffered for...
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Jan 5, 2013
01/13
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debt ceiling may be an on muss sign of the future. what's your response to that? the national flood insurance is in crisis. >> the point is people paid their premiums and now they suffered and have damage and now paul ryan and others are saying they shouldn't -- the claims shouldn't be paid. i mean it's ridiculous. if you paid for any kind of insurance and you found out they weren't going to pay the claim, what would you think? i mean that's essentially what they're saying. >> in terms of the vote today and what happens next, charlie rangel, a member of your party was celebrating. here he is. >> i think it's been a good day for congress and for the country. it reinforces the concept we've had since the beginning of this nation that if any part of our country is affected by a disaster, that they can and should expect the rest of the country to come to the rescue. >> congressman pollone he said the sandy aid bill got messed up because of communications and there's no problems and it's going to move ahead and everything is fine. i i'm very concerned. as you know, spe
debt ceiling may be an on muss sign of the future. what's your response to that? the national flood insurance is in crisis. >> the point is people paid their premiums and now they suffered and have damage and now paul ryan and others are saying they shouldn't -- the claims shouldn't be paid. i mean it's ridiculous. if you paid for any kind of insurance and you found out they weren't going to pay the claim, what would you think? i mean that's essentially what they're saying. >> in...
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Jan 5, 2013
01/13
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ceiling, to reduce spending in order to get their votes for increasing the debt ceiling. the president said he won't negotiate on that, an he's quite right. what they're really saying is by not raising the debt ceiling, we're not going to pay the bills that we voted to incur. we're going to permit the country to default and cause economic chaos. and destroy the country. they're basically saying we're going to blackmail everybody in the country. absolutely illegitimate. it's like an old gangster movie where someone says, nice economy you got there, it's going to blow up if you don't pay me protection money. that's what they're saying. it should not be indulged. but there are two ways of simply saying we're not going to talk about it. one is the 14th amendment which says the forthright nature of the united states will not be questioned, that a statue prevents you to paying the bills. the president for some reason said he won't do that. i've seen very good congressional arguments on both sides of that question. it's never been tested in court. it should. and the other questi
ceiling, to reduce spending in order to get their votes for increasing the debt ceiling. the president said he won't negotiate on that, an he's quite right. what they're really saying is by not raising the debt ceiling, we're not going to pay the bills that we voted to incur. we're going to permit the country to default and cause economic chaos. and destroy the country. they're basically saying we're going to blackmail everybody in the country. absolutely illegitimate. it's like an old gangster...
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Jan 4, 2013
01/13
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WUSA
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with the looming debt ceiling crisis lawmakers have to figure out where to cut spending which has proved not to be an easy task with partisan politics at play. >> we have to be able to take back common ground. we all agree we've got to deal with the national debt. we've got to deal with our deficits. >> the president needs to show up early this time. the american people will not tolerate the kind of last minute crisis that we've seen again and again over the last four years. >> reporter: in washington i'm sandra nedo. >>> a familiar face returning to work to a round of applause today. senator mark kirk back for the first time since he suffered a debilitating stroke almost one year ago. vice president joe biden and senator joe manchin stood by the illinois republican as had he to use a four-pronged cane to climb those 45 steps to the capitol. senator kirk had to learn to walk again after that stroke. >>> d.c. delegate eleanor holmes norton is in her 11th term up on the hill and while she is facing the same legislative calendar as her colleagues, she's also focused on the inauguration and
with the looming debt ceiling crisis lawmakers have to figure out where to cut spending which has proved not to be an easy task with partisan politics at play. >> we have to be able to take back common ground. we all agree we've got to deal with the national debt. we've got to deal with our deficits. >> the president needs to show up early this time. the american people will not tolerate the kind of last minute crisis that we've seen again and again over the last four years....
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Jan 12, 2013
01/13
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corral fight over raising the debt ceiling in a few weeks. president obama has already said he will not negotiate on raising the debt ceiling. here's what he said. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incurred. >> and here's the response he got the next day from republican senator pat toomey of pennsylvania. >> our opportunity here is on the debt ceiling. the president's made it very clear; he doesn't even want to have a discussion about it, because he knows this is where we have leverage. we republicans need to be willing to tolerate a temporary partial government shutdown, which is what that could mean, and insist that we get off the road to greece, because that's the road we're on right now. we only can solve this problem by getting spending under control and restructuring the entitlement programs. there is no tax solution to this. it's a spending solution.
corral fight over raising the debt ceiling in a few weeks. president obama has already said he will not negotiate on raising the debt ceiling. here's what he said. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incurred. >> and here's the response he got the next day from republican senator pat toomey of...
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Jan 6, 2013
01/13
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. >> the first fight is a familiar one, the debt ceiling. when you look at this new congress, what will we see when it plays out? also a familiar scenario? >> well, i think there's so much division within the republican party. when you look at reaction to this fiscal cliff bill, a temporary measure and you see how it has torn the republican party apart, it begs the question what is going to change when it comes to the debt ceiling. the president state aid red line say he will not negotiate the debt ceiling. in 2011 they finally got a deal. america's credit rating was downgraded with them playing chicken one side on the other. he will be locked in with republicans over spending. now that they have given on the tax part of this there are so many fights ahead. >> when we look at future deal making, speaker boehner said i'm not going to do one-on-one negotiations with the president. how is that going to impact things? >> he became the negotiator with the white house. but it begs the question, how much different senate republicans are than house
. >> the first fight is a familiar one, the debt ceiling. when you look at this new congress, what will we see when it plays out? also a familiar scenario? >> well, i think there's so much division within the republican party. when you look at reaction to this fiscal cliff bill, a temporary measure and you see how it has torn the republican party apart, it begs the question what is going to change when it comes to the debt ceiling. the president state aid red line say he will not...
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Jan 5, 2013
01/13
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you have two months until this debt ceiling fight. to actually cut something. >> he is is going to run through the budget process. so really paul ryan is going to be back in the driver's seat. sarah, after the horrible tax argument which republicans mostly lost, maybe not as bad as it could have been, has the republican party had a burning bush experience now regarding spending and debt? >> well, i think -- look, i take a different view on boehner. he had a tough hand, he played it best he could. but now, republicans are in the driver's seat. and on this debt limit, there is no reason for them to not fight until the very last day to get at least a dollar of spending cuts for every dollar of debt ceiling increase. >> that's the boehner rule. >> that's the boehner rule. he has been very consistent that he's going to stand by that rule. >> jimmy williams, the democrats don't want to cut anything. they'll oppose the sequester spending limits and they wouldn't even have a measly cost of living adjustment. so sarah may be right on this. the
you have two months until this debt ceiling fight. to actually cut something. >> he is is going to run through the budget process. so really paul ryan is going to be back in the driver's seat. sarah, after the horrible tax argument which republicans mostly lost, maybe not as bad as it could have been, has the republican party had a burning bush experience now regarding spending and debt? >> well, i think -- look, i take a different view on boehner. he had a tough hand, he played it...